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This ultimate Corvette hides its bulging muscles under a relatively discreet set of duds. Only rabid Corvette geeks can tell at a glance; ZR1 clues involve its carbon-fiber roof, chin spoiler, and hood with a see-through panel. Look closer, and you’ll see that forged aluminum wheels cover giant Brembo carbon-ceramic brakes that are 15.5 inches in diameter at the front axle, 15.0 inches in the back. Inside, the ZR1 has some subtle changes, but the overall ambience continues the low-rent tradition, especially compared with the dressy Porsche—certainly not what you’d expect in a sports car that stickers for $121,425.

Still, the big price buys a lot of performance equipment. The 638-hp, 6.2-liter supercharged V-8 LS9 engine features such niceties as titanium connecting rods and intake valves, a forged steel crankshaft, and a dry-sump oil system. The suspension has magnetorheological shocks that enabled Chevrolet engineers to use softer springs than in the conventionally damped Z06.

On narrow mountain roads, the Vette seems huge, although it doesn’t feel all that big inside. The rear hatch, however, opens to an impressively sized luggage area. The minor controls may not look fabulous, but the ventilation, sound, and navigation systems are very intuitive, and the driving position and control layout are good. The seats suck, though: They don’t have enough lateral support, and the backs flop around under hard acceleration and braking. It’s details like this that make you realize that the base Corvette is built to a price (roughly $50,000), whereas the $158,085 911 Turbo is based on a car that starts at about $80,000.

Trolling highways at 80 mph or so, the ZR1 is surprisingly civilized, providing a supple ride with the adjustable shocks in “tour” mode. Wind, tire, and engine noise seems remarkably subdued at cruising speeds despite higher sound-level measurements than in the Porsche. In fact, the car’s a bit disappointing in this environment unless the driver downshifts a couple of gears and floors the throttle, at which point the car simply disappears into the horizon, its V-8 emitting a strident growl.

When the ZR1 gets driven really hard, it livens up like a nerdy college kid who discovers beer and girls on spring break in Mexico. The engine note is a constant delight under heavy throttle, as is the way the car shortens the distance between corners. The steering, which is inert on-center, becomes livelier with cornering g-forces, and the Brembo brakes are sensational, even if the pedal is a bit soft. The shifter isn’t the most willing on earth, but the engine has so much torque spread over so wide a band that shifting becomes almost superfluous.

On a bumpy back road, the Corvette is a bit spooky at first because the giant tires follow road contours a bit too closely and the horrendous horsepower overwhelms the best efforts of the stability system to keep the back end in check. It’s possible to generate quite a lot of slip angle with the stability system engaged unless one sets it to a new wet-weather program that was introduced for 2010. In that instance, the system cuts power more quickly, in addition to applying the brakes, and the rear end steadfastly refuses to slide. It’s odd to hear the engine misfiring as the throttle is mashed, but it’s reassuring, too: With the system completely switched off, it’s as easy to spin this thing in the wet as it is to lose self-control at an all-you-can-eat buffet.

The Corvette moves around a lot more than the 911. It dives more under braking, squats more under hard acceleration, and rolls more before it calms down in midcorner, even with the shocks switched to “sport.” Aside from that, it’s blindingly fast over any stretch of blacktop and is a mighty track weapon. On a cold day, the Vette lapped Mazda Raceway a full second faster than the 911. Down the front straightaway, our VBOX test gear recorded 130 mph for the Vette just after it crested a brow, where it went light and a touch sideways before settling down on the other side.

The ZR1 is still one of the most entertaining cars ever built. It’s not for the faint of heart, but it’s a visceral thrill that’s worth setting every nerve in your body on edge. The car’s a little rough around the edges but warmhearted underneath. It just wants you to have a good time, and it certainly delivers when you’re in the mood. We’re just glad that, in these perilous times, GM continues to make this car.